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Activities Permitted with A Checkbook IRA
I have just established an LLC for my SDIRA. The purpose is to use this LLC to buy and hold a SFR rental. I intend to manage the property myself. Are there any restrictions against using a credit or debit card with this LLC?
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David Krulac
#5 General Real Estate Investing Contributor
#5 General Real Estate Investing Contributor
- Mechanicsburg, PA
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David Krulac#5 General Real Estate Investing Contributor
#5 General Real Estate Investing Contributor
- Mechanicsburg, PA
@Account Closed
I've been told by a reliable attorney that management of SDIRA property is a prohibited transaction. You can avoid blowing up your IRA by hiring a property manager. There is not a test case on target here, but SDIRA are getting more IRS scrutiny since the least little transgression blows up the IRA and yields more taxes and penalties. Be very careful.